อิทธิพลของคะแนนด้านสิ่งแวดล้อม สังคมและบรรษัทภิบาล
ที่มีต่อความเกี่ยวข้องของข้อมูลทางบัญชี : หลักฐานจาก
ตลาดหลักทรัพย์แห่งประเทศไทย

 

The Influence of Environmental, Social and Governance
(ESG) Score on the Value Relevance of Accounting
Numbers: Evidence from the Stock Exchange of Thailand

 

 

วันที่ได้รับต้นฉบับบทความ :
23 มิถุนายน 2568

วันที่แก้ไขปรับปรุงบทความ :
19 ตุลาคม 2568

วันที่ตอบรับตีพิมพ์บทความ :
31 ตุลาคม 2568

ดร.ยศวินกาญจน์ กอบกาญจนพฤติ

ผู้ช่วยศาสตราจารย์ประจำกลุ่มวิชาเทคโนโลยีสารสนเทศ

คณะบัญชี มหาวิทยาลัยหอการค้าไทย

 

 

Received:
June 23, 2025

Revised:
October 19, 2025

Accepted:
October 31, 2025

Dr.Yodsawinkan Kobkanjanapued

Assistant Professor of Information Technology Group,

School of Accountancy, University of the Thai Chamber of Commerce

 

 

คำสำคัญ :
ราคาหลักทรัพย์ คะแนน ESG
มูลค่าตามบัญชีต่อหุ้น
กำไรต่อหุ้น

บทคัดย่อ

งานวิจัยนี้มีวัตถุประสงค์ เพื่อศึกษาความสัมพันธ์ระหว่างราคาหลักทรัพย์กับข้อมูลทางบัญชีและคะแนนด้านสิ่งแวดล้อม สังคมและบรรษัทภิบาล (ESG) และศึกษาอิทธิพลของคะแนน ESG ต่อความสัมพันธ์ระหว่างราคาหลักทรัพย์กับข้อมูลทางบัญชีของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย โดยใช้ข้อมูลทุติยภูมิระหว่างปี ค.ศ. 2020–2023 รวม 360 บริษัท การวิเคราะห์ประกอบด้วยการวิเคราะห์สถิติเชิงพรรณนา การวิเคราะห์ความแปรปรวนทางเดียว การวิเคราะห์สหสัมพันธ์เพียร์สันและสเปียร์แมน และการวิเคราะห์ความถดถอยพหุแบบข้อมูล Panel

ผลการวิจัยพบว่า มูลค่าตามบัญชีต่อหุ้น (BVS) และกำไรต่อหุ้น (EPS) มีความสัมพันธ์เชิงบวกกับราคาหลักทรัพย์ ขณะที่คะแนน ESG มีบทบาทเชิงกำกับ โดยช่วยเสริมความสัมพันธ์ระหว่าง BVS กับราคาหลักทรัพย์ แต่ลดทอนความสัมพันธ์ระหว่าง EPS และราคาหลักทรัพย์สะท้อนว่า นักลงทุนให้ความสำคัญกับฐานะการเงินระยะยาวมากกว่ากำไรระยะสั้นเมื่อบริษัทมีการดำเนินงานด้าน ESG สูง ข้อค้นพบดังกล่าวแสดงให้เห็นว่า ข้อมูลทางบัญชีมีบทบาทหลักในการอธิบายราคาหลักทรัพย์และข้อมูล ESG มีคุณค่าในฐานะข้อมูลเสริม โดยเฉพาะในการเพิ่มศักยภาพของ BVS ผลลัพธ์ดังกล่าวสอดคล้องกับแนวโน้มสากลที่ให้ความสำคัญกับ ESG และแนะนำให้บริษัทจดทะเบียนเปิดเผยข้อมูล ESG ควบคู่กับข้อมูลทางการเงิน เพื่อสร้างความเชื่อมั่นแก่นักลงทุนและส่งเสริมมูลค่าอย่างยั่งยืน

 

 

Keywords:

Stock Price, ESG Score,
Book Value Per Share,
Earnings Per Share

ABSTRACT

This study aims to examine the relationship between stock prices, accounting information, and environmental, social, and governance (ESG) scores, as well as to investigate the moderating effect of ESG scores on the relationship between stock prices and accounting information of firms listed on the Stock Exchange of Thailand. Secondary data were collected from 360 firm-year observations covering the period 2020–2023. The analyses employed descriptive statistics, one-way ANOVA, Pearson and Spearman correlation analyses, and panel data multiple regression.

The findings reveal that book value per share (BVS) and earnings per share (EPS) are positively associated with stock prices. ESG scores play a moderating role by strengthening the relationship between BVS and stock prices while weakening the relationship between EPS and stock prices. This suggests that investors place greater emphasis on long-term financial stability rather than short-term profitability when firms demonstrate strong ESG performance. The results indicate that accounting information remains the primary factor in explaining stock prices, whereas ESG information provides complementary value, particularly by enhancing the explanatory power of BVS. These findings are consistent with the global trend emphasizing ESG considerations and recommend that listed firms disclose ESG information alongside financial data to foster investor confidence and support sustainable value creation.

 

 

 

 

HOW TO CITE

 

 

Kobkanjanapued, Y. (2026). The influence of environmental, social and governance (ESG) score on the value relevance of accounting numbers: Evidence from the Stock Exchange of Thailand. Journal of Accounting Profession, 22(73), 74-108. https://doi.org/10.14456/jap.2026.3

 

 

 

REFERENCES

Acaranupong, K. (2017). Comparative value relevance of earnings, book values and cash flows: Empirical evidence from listed companies on SET100 in Thailand. Journal of Accounting Profession, 13(38), 95-114. https://doi.org/10.14456/jap.2017.16

Acaranupong, K. (2019). A comparative study of earnings quality in ASEAN countries. Journal of Accounting Profession, 15(47), 49-77. https://doi.org/10.14456/jap.2019.17

Akaike, H. (1974). A new look at the statistical model identification. IEEE Transactions on Automatic Control, 19(6), 716–723. https://doi.org/10.1109/TAC.1974.1100705

Albuquerque, R. A., Koskinen, Y. J., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451–4469. https://doi.org/10.1287/mnsc.2018.3043

Al-Hiyari, A. (2024). Does top executive gender diversity matter for the value relevance of ESG controversies? Empirical evidence from European tech firms. Journal of Accounting & Organizational Change. Advance online publication. https://doi.org/10.1108/JAOC-01-2024-0009

Al-Hiyari, A., & Kolsi, M. C. (2021). How do stock market participants value ESG performance? Evidence from middle eastern and north African countries. Global Business Review, 25(4), 934-956. https://doi.org/10.1177/09721509211001511

Amel‑Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87-103. https://doi.org/10.2469/faj.v74.n3.2

Apiwatphokinkul, T., & Chaiyakul, T. (2024). The impact of environmental social governance (ESG) on the financial performance of (Thailand sustainability investment: THSI) companies listed on the stock exchange of Thailand. Journal of Humanities and Social Sciences, Rajapruk University, 10(1), 162-175. https://so03.tci-thaijo.org/index.php/rpu/article/view/277481

Baltagi, B. H. (2021). Econometric analysis of panel data. In Springer texts in business and economics. https://doi.org/10.1007/978-3-030-53953-5

Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of the value relevance literature for financial accounting standard setting: Another view. Journal of Accounting and Economics, 31(1-3), 77-104. https://doi.org/10.1016/S0165-4101(01)00019-2

Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. Review of Finance, 26(6), 1315–1344. https://doi.org/10.1093/rof/rfac033

Chaisalee, T., & Manapreechadeelert, P. (2024). Environmental, social, governance performance score on firm value of Thai listed firms: Analysis of the moderating role of board independence. Journal of Accounting Profession, 20(68), 97-131. https://doi.org/10.14456/jap.2024.19

Der, B. A., Polak, P., & Masri, M. (2016). Investigation on the value relevance of accounting information: Evidence from incorporated companies in the Singapore capital market. Investment Management and Financial Innovations, 13(3), 9-21. https://doi.org/10.21511/imfi.13(3).2016.01

Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59–100. https://doi.org/10.2308/accr.00000005

DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147–160. https://doi.org/10.2307/2095101

dos Santos, G. C., & Tavares, M. (2023). What is the role of ESG in value relevance? A comparison of the evidence in Latin America before and during the pandemic of COVID-19. Advances in Scientific and Applied Accounting, 16(2), 170-181. https://doi.org/10.14392/asaa.2023160206

Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857. https://doi.org/10.1287/mnsc.2014.1984

Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621–640. https://doi.org/10.1016/j.jfineco.2011.03.021

El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking & Finance, 35(9), 2388–2406. https://doi.org/10.1016/j.jbankfin.2011.02.007

E-Vahdati, S., Wan-Hussin, W. N., & Mohd Ariffin, M. S. (2023). The value relevance of ESG practices in Japan and Malaysia: Moderating roles of CSR award, and former CEO as a board chair. Sustainability, 15(3), 2728. https://doi.org/10.3390/su15032728

Fama, E. F., & French, K. R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116(1), 1–22. https://doi.org/10.1016/j.jfineco.2014.10.010

Francis, J., & Schipper, K. (1999). Have financial statements lost their relevance?. Journal of Accounting Research, 37(2), 319-352. https://doi.org/10.2307/2491412

Freeman, R. E. (1984). Strategic management: A stakeholder approach. Cambridge University Press. https://doi.org/10.1017/CBO9781139192675

Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917

IFRS Foundation & International Sustainability Standards Board (ISSB). (2023). IFRS S1 general requirements for disclosure of sustainability-related financial information. London: IFRS Foundation. https://www.ifrs.org/­issued-standards/ifrs-sustainability-standards-navigator/ifrs-s1-general-requirements/

IFRS Foundation & International Sustainability Standards Board (ISSB). (2023). IFRS S2 climate-related disclosures. London: IFRS Foundation. https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s2-climate-related-disclosures/

Gibson, R. B., Krueger, P., & Schmidt, P. S. (2021). ESG rating disagreement and stock returns. Financial Analysts Journal, 77(4), 104–127. https://doi.org/10.1080/0015198X.2021.1963186

Graham, R. C., & King, R. D. (2000). Accounting practices and the market valuation of accounting numbers: Evidence from Indonesia, Korea, Malaysia, the Philippines, Taiwan, and Thailand. The International Journal of Accounting, 35(4), 445-470. https://doi.org/10.1016/S0020-7063(00)00075-3

Greene, W. H. (2018). Econometric analysis (8th ed.). Pearson Education.

Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). McGraw-Hill Education.

Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate data analysis (7th ed.). Pearson.

Handajani, C. D. E., Feliana, Y. K., & Eriandani, R. (2024). The role of digitalization and environmental, social, governance in enhancing value relevance of accounting information. Journal Kajian Akuntansi, 7(2), 200–219. https://doi.org/10.33603/jka.vol7.no2.a5

Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1271. https://doi.org/10.2307/1913827

Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1–3), 405–440. https://doi.org/10.1016/S0165-4101(01)00018-0

Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697–1724. https://doi.org/10.2308/accr-51383

Kobkanjanapued, Y. (2020). The value relevance of book value and earnings per share to explain the stock prices before and early stage after TFRS 15 applications: Evidence from the stock exchange of Thailand. Journal of Accounting Profession, 16(52), 24-44. https://doi.org/10.14456/jap.2020.19

Kouki, A. (2018). IFRS and value relevance: A comparison approach before and after IFRS conversion in the European countries. Journal of Applied Accounting Research, 19(1), 60-80. https://doi.org/10.1108/JAAR-05-2015-0041

Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329. https://doi.org/10.1016/j.jfineco.2014.09.008

Kumari, S. S. (2008). Multicollinearity: Estimation and elimination. Journal of Contemporary Research in Management, 3(1), 87–95. https://jcrm.psgim.ac.in/index.php/jcrm/article/view/11

Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785–1824. https://doi.org/10.1111/jofi.12505

London Stock Exchange Group (LSEG). (2024). LSEG ESG scores methodology. London: Author. https://www.lseg.com/content/dam/data-analytics/en_us/documents/methodology/lseg-esg-scores-methodology.pdf

London Stock Exchange Group. (2024, October). Environmental, social and governance scores from LSEG. London: LSEG. https://www.lseg.com/content/dam/data-analytics/en_us/documents/methodology/lseg-esg-scores-methodology.pdf

LSEG Data & Analytics. (n.d.). LSEG ESG scores. Retrieved April 10, 2025, from https://www.lseg.com/en/data-analytics/sustainable-finance/esg-scores

Mirza, A., Malek, M., & Abdul-Hamid, M. A. (2018). Value relevance of earnings and book value of equity: Evidence from Malaysia. Global Business Management Review, 10(2), 19-40. https://doi.org/10.32890/gbmr2018.10.2.11047

Moolkham, M. (2024). The impact of sustainable development on the relevance of accounting information and financial activities: Evidence from Thailand. PLOS ONE, 19(11), e0313299. https://doi.org/10.1371/journal.pone.0313299

Moolkham, M. (2025). SET ESG ratings and firm value: The new sustainability performance assessment tool in Thailand. PLOS ONE, 20(2), e0315935. https://doi.org/10.1371/journal.pone.0315935

MSCI ESG Research LLC. (2020). How to reference an MSCI ESG rating. https://www.msci.com/documents/1296102/15233886/How-to-Reference-an-MSCI-ESG-Rating-Final.pdf

Ohlson, J. A. (1995). Earnings, book values and dividends in security valuation. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x

Penman, S. H. (2013). Financial statement analysis and security valuation. McGraw-Hill Education.

Rahman, A. F., Bintoro, N. S., Dewi, A. A., & Kholilah, K. (2024). The effect of ESG and earnings quality on the value relevance of earnings and book value. Australasian Accounting, Business and Finance Journal, 18(2), 133–157. https://doi.org/10.14453/aabfj.v18i2.09

Răpan, C. M., Banta, V. C., Manea, A., & Aridah, M. W. (2022). Value relevance of ESG scores: Evidence from European stock exchange markets. Oblik i finansi, 2(96), 68–75. https://doi.org/10.33146/2307-9878-2022-2(96)-68-75

Rattanaampol, K., Pongsupatt, T., & Pongsupatt, A. (2021). Factors affecting stock prices of sustainable investment group in the stock exchange of Thailand. Journal of Buddhist Education and Research, 7(3), 62-76. https://so06.tci-thaijo.org/index.php/jber/article/view/248717

Refinitiv. (2023). ESG scoring methodology and glossary. London: Refinitiv. https://21775616.fs1.hubspotusercontent-na1.net/hubfs/21775616/ESG%20METHODOLOGY%20AND%20GLOSSARY.pdf

Schwarz, G. (1978). Estimating the dimension of a model. The Annals of Statistics, 6(2), 461–464. https://doi.org/10.1214/aos/1176344136

Siwasarit, W. (2024). Are ESG ratings noisy for stock returns? Evidence from Thailand’s stock market. Nomura Journal of Asian Capital Markets, 9, 22–27. https://www.nomurafoundation.or.jp/en/wordpress/wp-content/uploads/2024/09/NJ_2024_P22-27_THAILAND.pdf?20240917

Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010

Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.2307/258788

Suka-aram, P. (2023). The impact of ESG report disclosure on the value of listed companies in the stock exchange of Thailand (SET-CMRI Working Paper 5/2023). The Stock Exchange of Thailand. https://media.set.or.th/common/research/1338.pdf

Sirathavornvong, K., Sukcharoensin, P., & Tiyarattanachai, R. (2024). The relationship between ESG and financial performance of the companies listed in SET50. Development Economic Review, 18(2), 75–93. https://so06.tci-thaijo.org/index.php/NER/article/view/274953 

Sumritsakun, C. (2022). The effect of sustainability report on value relevance of accounting information: Case study of Thai listed firms. Kasetsart Journal of Social Sciences, 43(2), 387–394. https://so04.tci-thaijo.org/index.php/kjss/article/view/258497

Suttipun, M., Lakkanawanit, P., Saramolee, A., Yaacob, Z., & Srijunpetch, S. (2025). Environmental, social, and governance disclosures and market reaction of Thai-listed companies in the alternative capital market. Journal of Risk and Financial Management, 18(3), 113. https://doi.org/10.3390/jrfm18030113

The Stock Exchange of Thailand. (2023). ESG disclosure in Thailand. https://www.set.or.th

The Stock Exchange of Thailand. (2023, November 6). SET announces SET ESG Ratings for 193 listed companies [News release]. https://www.set.or.th/en/market/news-and-alert/newsdetails?id=84240400

The Stock Exchange of Thailand. (2025, February). Ground rules for SET Index Series (including SETESG Index). Bangkok: The Stock Exchange of Thailand. https://media.set.or.th/set/Documents/2025/Feb/Index_Ground_Rule_EN.pdf

Whelan, T., Atz, U., Van Holt, T., & Clark, C. (2021). ESG and financial performance: Uncovering the relationship by aggregating evidence from 1,000 plus studies published between 2015–2020. NYU Stern Center for Sustainable Business & Rockefeller Asset Management.

Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data (2nd ed.). MIT Press.

Wooldridge, J. M. (2020). Introductory econometrics: A modern approach (7th ed.). Cengage Learning.

Yordudom, T., & Suttipun, M. (2020). The influence of ESG disclosures on firm value in Thailand. GATR Journal of Finance & Banking Review, 5(3), 108–114. https://doi.org/10.35609/jfbr.2020.5.3(5)

Zainal, D., Ibrahim, M. K., Kamarudin, K. A., & Kaur, J. (2009). The relative value relevance of earnings and book value in Malaysia and Singapore. In Financial Reporting in Malaysia: Further Evidence (pp. 203–228). Shah Alam, Malaysia: University Publication Centre (UPENA), Universiti Teknologi MARA.